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How to Apply for a Student Loan

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Posted on October 6, 2014 by Delaware Valley College.

How Much Do You Need to Borrow?

When looking into private loans, you first need to figure out how much you'll need to borrow. Crunch the numbers, discuss them with your family, and utilize the college financial aid office. Once you understand how much your education will cost, you can let the borrower know how much you'll need.

Who Will You Borrow From?

You'll need to decide who you’ll be borrowing from. Be sure to research each of your options, and compare interest rates and the flexibility of paying back the loans. It's also imperative that you feel out each organization’s customer service department. You'll probably have questions along the way, and it's important that there are knowledgeable representatives that you can count on. 

Different Types of Private Loans

Explore the different types of loans a lender offers so you can decide which option best fits your needs. Set up an appointment with a representative to discuss these options. After talking with the representative about your situation, he or she can determine what type of loan will fit your situation.

Fill Out Application

Typically, you'll fill out an application that will determine if you’re eligible for a loan and this often can be done online. Be prepared with information such as your address, social security number, school information, and how much you'll be borrowing. You should hear back from the lender within a few weeks. 

It's essential to explore all of your options when applying for a private loan and that you understand the details that go along with it. Make sure a representative explains the process for you, from application to repayment. Before applying for private loans, consider the Federal Stafford Loan and file the Free Application for Federal Student Aid (FAFSA) to see if you’re eligible for grants, work study, and other forms of government financial aid. If you're ever unsure through the process of applying for loans, contact the financial aid office.